GRSL.V · 2023-05-04 12:00:00

GR Silver Announces Filing of NI 43-101 Technical Report for the Plomosas Project

Resource Estimates Technical Reports (NI 43-101)

GR Silver Announces Filing of NI 43-101

Technical Report for the Plomosas Project

VANCOUVER, BC

May 4, 2023

/CNW/ -

GR Silver Mining Ltd.

GR Silver Mining

" or the

Company

") (TSXV: GRSL) (OTCQB: GRSLF) (FSE: GPE) – is pleased to announce that the

Company has filed on SEDAR an independent technical report ("the Report") prepared in

accordance with National Instrument 43-101 – Standards of Disclosure of Mineral Projects ("NI 43-

101") supporting the updated resource estimate for the Plomosas Project, previously reported in the

Company's news release dated

March 20, 2023

. This News Release is filed in accordance with

Section 4.2, Sub Section (5)(b) reconciling differences in the silver equivalent ("Ag Eq") estimation

related to the San Marcial Area.

The Company carried out internal diligence upon receiving all digital files related to mineral resource

estimates for the San Marcial, Plomosas Mine, and San Juan-La Colorada Areas from Dr.

Gilles

Arseneau

, P.Geo. of ARSENEAU Consulting Services Inc. An internal review of the resource

estimate for the San Marcial Area as part of the report compilation identified a miscalculation of the

Ag Eq. Dr. Arseneau mistakenly adopted the silver recovery rate from the Plomosas Mine Area in

the estimation of the Ag Eq for the San Marcial Area in the denominator of the Ag Eq formula.

The Ag Eq is calculated using the formula:

AgEq =[(Ag (g/t)*

Ag Price

(g)*Ag Recovery(%))+(Au (g/t)*Au Price (g)*Au Recovery(%))+(Pb

(%)*Pb Price (per %)*Pb Recovery(%))+(Zn (%)*Zn Price (per %)*Zn Recovery(%))+(Cu (%)*Cu

Price (per %)*Cu Recovery(%))]/(Ag Recovery(%)*

Ag Price

(g))

Using 74% (Plomosas Mine Area) as the silver recovery rate instead of 94% (San Marcial Area) in

the denominator of the Ag Eq calculation, while using 94% recovery rate in the numerator,

mistakenly resulted in increasing the Ag Eq grade and, consequently, in the Ag Eq ounces for the

San Marcial Area. Dr

Gilles Arseneau

acknowledged his miscalculation upon notification by the

Company and he has updated the resource estimate for the San Marcial Area in the filed NI 43-101

report.

Dr.

Gilles Arseneau

, P.Geo. of ARSENEAU Consulting Services Inc. commented, "We sincerely

apologize for the miscalculation in the Ag Eq in the San Marcial Area due to my own mistake when

applying the wrong silver recovery rate in the Ag Eq formula denominator. Today's statement with

the filing of the NI 43-101 corrects the error. The data and resource estimation grades are sound,

and they have been checked and independently verified by ARSENEAU Consulting Services Inc. The

error only affects the silver equivalent calculation, the tonnage and grade of the reported mineral

resources remained unchanged".

As noted by Chair & CEO

Eric Zaunscherb

, "The error in calculating Ag Eq grade and ounces, while

unfortunate, does not detract from the accomplishment of GR Silver's geological team in growing the

Plomosas Project resource estimate significantly and cost effectively. The team has demonstrated

the exploration model's efficacy and we continue to be excited by the project's potential for further

growth. In the following days, we will outline our vision for this highly prospective project through the

remainder of 2023."

The full technical report dated

May 3rd, 2023

, with an effective date of

March 15

2023, is entitled

"Technical Report and Mineral Resource Update for the Plomosas Project". The report was

prepared for GR Silver Mining Ltd. and can be found under the Company issuer profile at

www.sedar.com

.The resource estimate announced in the Company's

March 20, 2023

news release

is superseded by the report filed and dated

May 3rd, 2023

. Highlights of the resource estimate are

presented as follows.

Area

Mineral

Resource

Class

Type

Tonnes

(Mt)

Average Grade

Contained Metal

(g/t)

(%)

AgEq

(g/t)

(Moz)

(Koz)

(Kt)

AgEq

(Moz)

San Marcial

Indicated

146

0.04

0.2

0.3

161

10.2

Inferred

127

0.03

0.1

0.2

136

1.4

San Marcial

Indicated

176

0.06

0.3

0.6

206

1.5

Inferred

164

0.03

0.2

0.4

182

1.6

Plomosas

Indicated

0.24

1.0

0.9

0.07

193

11.9

Inferred

0.28

1.0

0.06

174

7.8

Plomosas

Indicated

0.57

0.9

1.3

0.08

204

58.0

Inferred

0.57

0.9

1.1

0.06

175

39.4

San Juan/La Colorada

Indicated

0.1

161

0.29

0.3

0.6

0.02

211

0.4

0.8

Inferred

0.2

103

0.24

0.5

0.8

0.02

159

0.7

1.6

San Juan/La Colorada

Indicated

0.1

0.61

1.1

0.8

0.04

199

0.3

2.1

Inferred

2.6

0.69

1.2

1.9

0.04

182

2.8

56.4

Total Indicated

117

0.18

0.4

0.6

0.03

179

84.5

Total Inferred

0.38

0.7

1.0

0.03

171

108.2

Table1

Plomosas Project, Mineral Resource Statement, ACS March 15, 2023 by

Area

Mineral

Resource

Class

Type

Tonnage

(Mt)

Average Grade

Contained Metal

(g/t)

(%)

AgEq

(g/t)

(Moz)

(Koz)

(Kt)

AgEq

(Moz)

Indicated

138

0.07

0.3

0.4

0.01

169

22.9

Inferred

105

0.13

0.4

0.5

0.02

152

10.8

Indicated

0.48

0.8

1.2

0.07

204

61.6

Inferred

0.49

0.8

1.2

0.04

180

97.4

Total Indicated

117

0.18

0.4

0.6

0.03

179

84.5

Total Inferred

0.38

0.7

1.0

0.03

171

108.2

Table 2

Plomosas Project, Mineral Resource Statement, ACS March 15,

2023 by Resource Category

Numbers are rounded

* AgEq is calculated from the metal prices and recoveries using the equation AgEq = ((Au grade*Au price*Au Recovery) + (Ag grade*Ag Price*Ag Recovery) + (Pb grade*Pb

Price*Pb Recovery) + (Cu grade*Cu Price*Cu Recovery) + (Zn grade*Zn Price*Zn Recovery)) / (Ag Price*Ag Recovery)

(1) Mineral Resources which are not Mineral Reserves, do not have demonstrated economic viability

(2) The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues

(3) The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral

Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration

(4) The Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves,

Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council

About the Plomosas Project

The Plomosas Project, including the recent high-grade silver SE Area discovery in the San Marcial

Area, is an emerging high-grade silver district located in southern

Sinaloa, Mexico

. The 43,187 ha

Plomosas Project includes past-producing historical mining sites benefitting from previous mine

infrastructure, road access and existing permits. The district contains intermediate to low

sulphidation epithermal silver and gold mineralization hosted in hydrothermal breccias and veins.

Recent success in exploration and drilling has delineated wide, high-grade, shallow hydrothermal

breccias in the San Marcial Area, including the SE Area discovery, where initial drilling incorporated

in the updated resource estimation for the Plomosas Project unveils an exploration opportunity for

continuous resource growth.

QA/QC Procedures

The Company has implemented QA/QC procedures which include insertion of blank, duplicate and

standard samples in all sample lots sent to SGS de México, S.A. de C.V. laboratory facilities in

Durango, Mexico

, for sample preparation and assaying. For every sample with results above Ag

>100 ppm (over limits), these samples are submitted directly by SGS de

Mexico

to SGS Canada

Inc. at

Burnaby, BC

. The analytical methods are four acid Digest and Inductively Coupled Plasma

Optical Emission Spectrometry with Lead Fusion Fire Assay with gravimetric finish for silver above

over limits. For gold assays the analytical methods are Lead Fusion and Atomic Absorption

Spectrometry Lead Fusion Fire Assay and gravimetric finish for gold above over limits (>10 ppm).

Qualified Person

The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects

for this news release is

Marcio Fonseca

, P. Geo., President & COO for GR Silver Mining, who has

reviewed and approved its contents.

About GR Silver Mining Ltd.

GR Silver Mining is a Canadian-based,

Mexico

-focused junior mineral exploration company engaged

in cost-effective silver-gold resource expansion on its 100%-owned assets, located on the eastern

edge of the Rosario Mining District, in the southeast of Sinaloa State,

Mexico

. GR Silver Mining

controls 100% of two past producer precious metal underground and open pit mines, within the

expanded Plomosas Project, which includes the integrated San Marcial Area and

La Trinidad

acquisition. In conjunction with a portfolio of early to advanced stage exploration targets, the

Company holds 734 km

of concessions containing several structural corridors totaling over 75 km in

strike length.

GR Silver Mining Ltd.

Eric Zaunscherb, Chair & CEO

Cautionary Statement Regarding Forward-Looking Information

This press release contains "forward-looking statements" within the meaning of applicable

Canadian securities legislation and information that are based on the beliefs of management and

reflect the Company's current expectations. When used in this press release, the words "estimate",

"project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the

negative of these words or such variations thereon or comparable terminology are intended to

identify forward-looking statements and information. Such statements and information reflect

the current view of the Company. Risks and uncertainties may cause actual results to differ

materially from those contemplated in those forward-looking statements and information. By their

nature, forward-looking statements involve known and unknown risks, uncertainties and other

factors which may cause our actual results, performance or achievements, or other future events,

to be materially different from any future results, performance or achievements expressed or

implied by such forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is

defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy

or accuracy of this press release.

SOURCE

GR Silver Mining Ltd.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/May2023/04/c2411.html

%SEDAR: 00040149E

For further information:

Eric Zaunscherb, Telephone: +1.647.293.8457, Email:

[email protected]

CO: GR Silver Mining Ltd.

CNW 06:15e 04-MAY-23

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